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Convertible market slightly weaker; Citrix Systems falls on CEO news; Vipshop bonds for sale
By Stephanie N. Rotondo
Seattle, July 11 – Trading in the convertible space was only slightly weaker on Tuesday, as there was an overall negative tone to the market.
Of the more active names, Citrix Systems Inc.’s 0.5% convertible notes due 2019 were a touch weaker, straddling 119, according to a market source.
Another trader saw the bonds trading at 118.5 against a stock price of $78.00.
The company’s stock was also lower, falling $1.37, or 1.71%, to $78.56.
“They are lower with the stock,” a trader said. However, he also noted that “up and down is meaningless since it trades in the money.”
The weakness came as it was reported that David Henshall had taken over the role of chief executive officer.
Henshall is the company’s fourth CEO since 2015. He was previously the chief financial and operating officer.
Citrix has also reportedly been considering the possibility of a sale, though there has not been any word that such a deal is even close to fruition.
Meanwhile, Vipshop Holdings Ltd.’s 1.5% convertible notes due 2019 were moving around the 98.5 mark.
A trader noted that there were more sellers than buyers for the paper, adding that at current levels, there is a 2.42% yield to maturity.
“Maybe people expect [buyers] to bid for them,” the trader said of the convertibles. “[The company] had a put back in March at par, with only $3 million being put back. The stock is lower now and the bonds were trading 101-ish back then.”
As for the stock, it was up over 2% at mid-morning but eventually finished the day down 20 cents, or 1.99%, at $10.26.
There was no fresh news out on the Chinese e-commerce website.
Mentioned in this article:
Citrix Systems Inc. Nasdaq: CTXS
Vipshop Holdings Ltd. NYSE: VIPS
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